By Investing.com Staff
Horizon Therapeutics (NASDAQ:HZNP) fell nearly 5% in early trading Monday after it was disclosed that one of the three original bidders for the company dropped out.
Janssen Global Services, a unit of Johnson & Johnson (NYSE:JNJ), confirmed that it does not intend to make an offer for Horizon.
On November 29th, Horizon announced it was engaged in highly preliminary discussions with Amgen Inc. (NASDAQ:AMGN), Janssen Global Services, LLC, and Sanofi (NASDAQ:SNY).
Both Amgen and Sanofi confirmed late last week they could proceed with all-cash offers for Horizon.
The entire bidding process for Horizon is playing out for the public to witness due to the stringent Irish Takeover Rules, which require both target companies and prospective bidders to disclose information to the public markets at various stages throughout the process.
Despite today's selling pressure, shares of Horizon are still up 27% since the takeover disclosures in late November. Still, with just two versus three bidders, the auction for the company may be less robust than initially expected.
Several analysts had thought that Horizon could be worth up to $140 per share in a deal. This may need to be dialed back some after today's news.